Shiba Inu Rate Skyrockets to 772%, Setting the Stage for a 36% Price Rally to $0.00002
Shiba Inu has once again caught the attention of crypto market traders and investors worldwide. The burn rate for Shiba Inu experienced a significant 700% increase on Monday, leading to speculation about a potential price target of $0.00002 for the token. Currently, the SHIB price is showing signs of consolidation, prompting market watchers to wonder if the surge in burn rate could drive over a 30% increase in the token’s value.
SHIB Burn Rate Surge by 772%
The burn tracker data revealed that the burn rate for Shiba Inu surged by 772% in the past 24 hours, with 15.08 million SHIB tokens being burnt during this period. Additionally, there has been a 313% increase in the coin’s burn over the past week, with 44.20 million coins incinerated. This reduction in supply has generated optimism about potential price movements in the future, in line with the principles of supply and demand.
Kusama’s Remark
Shytoshi Kusama, the lead developer of Shiba Inu, recently made remarks that have further fueled investor enthusiasm for the meme-themed asset. His statement suggests upcoming developments for the Shiba Inu ecosystem, in addition to ongoing token burns.
Price Action
At present, the SHIB price is trading at $0.00001468, representing a 0.5% increase in the past 24 hours. The coin’s 24-hour low and high were $0.00001419 and $0.00001485, respectively.
Despite the recent price movement, data from Coinglass indicates a 6% decrease in SHIB’s futures open interest (OI) to $33.43 million, as well as a 12% drop in derivatives volume to $63.51 million over the past day. These statistics have resulted in mixed sentiments regarding SHIB’s future price action.
Market Trends
However, a recent SHIB price analysis suggests that the meme token could see over a 30% increase in the coming days, based on the continuous decline in SHIB balance on exchanges. This trend reinforces optimism about the coin’s long-term prospects. The coin’s relative strength index (RSI) has also moved towards a bullish region, currently resting at 58, further contributing to positive expectations for future price movements. Combined with the recent surge in burn rate, Shiba Inu remains on a bullish trajectory in the market, despite sluggish trading in recent days.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
